Chapter 11: Retail and Wholesaling
Which type of retailer carries a narrow product line with deep assortments within those lines?
Speciality Stores
Which of the following statements about shopping centers is correct?
The most common type of shopping center is a strip mall.
Superstores that are actually giant specialty stores and have seen tremendous growth recently are called _______.
category killers
Macy's carries several product lineslong dash—typically clothing, home furnishings, and household goodslong dash—with each line operating as a separate department managed by specialist buyers or merchandisers. Macy's is best described as a(n) ________.
department store
Carefully orchestrating the store's layout and displays, background music, colors, and smells is related to ________.
experiential retailing
By practicing ______ retailing, today's retailers are increasingly adopting environmentally sustainable practices.
green
A discount store (for example, Target, Kohl's, or Walmart) sells standard merchandise at lower prices. To do this, discount stores accept which of the following two conditions?
lower margins and higher sales volume
Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called ___________.
retail convergence
By performing the channel function of ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost.
selling and promoting
Hotels and motels, banks, airlines, restaurants, colleges, hospitals, movie theaters, tennis clubs, bowling alleys, repair services, hair salons, and dry cleaners are all examples of ________.
service retailers
The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called _______.
showrooming
One retail trend resulting from economic conditions is ________.
tighter consumer spending
___________ are the largest single group of wholesalers, accounting for roughly 50 percent of all wholesaling.
Merchant wholesalers
Which of the following statements about major retail trends is true?
Online buying is growing at a much brisker pace than retail buying as a whole.
The retail marketing mix consists of which of the following?
Product and service assortment, retail prices, promotion, and location
Retailers must decide on which three major product variables?
Product assortment, services mix, and store atmosphere
________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.
Retailing
_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale.
Shopper Marketing
Which of the following correctly describes the retail practice known as high-low pricing?
High-low pricing means charging higher prices on an everyday basis, coupled with frequent sales and other price promotions.
What are the four major types of retail organization?
Corporate chains, voluntary chains, retailer cooperatives, and franchise organizations.
After segmenting and defining their target markets, what should retailers do next?
Decide how they will differentiate and position themselves in the market.
What is the overall goal when retailers choose their product assortment?
Differentiate the retailer while matching target shoppers' expectations.
Which of the following statements about retailer marketing decisions is correct?
Many retailers identify three critical factors for retail success: location, location, and location.
Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and customers?
Warehousing
Which of the following statements about wholesaling is true?
Wholesalers must make decisions regarding their marketing mix.